A Business at a Glance
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COHU INC
COHU
$2.4B
Mkt Cap
$50.70
-6.99%
COHU INC (COHU) has a 5-year average return on invested capital (ROIC) of 6.4%. This is below average and may indicate limited pricing power.
COHU INC (COHU) has a market capitalization of $2.5B. It is classified as a mid-cap stock.
COHU INC (COHU) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.01%.
COHU INC (COHU) operates in the Instruments For Meas & Testing Of Electricity & Elec Signals industry, within the Technology sector.
COHU INC (COHU) reported annual revenue of $453 million in its most recent fiscal year, based on SEC EDGAR filings.
COHU INC (COHU) has a net profit margin of -16.4%. The company is currently unprofitable.
COHU INC (COHU) generated $11 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cohu, Inc. (“Cohu”, “we”, “our”, “us” and the “Company”) was founded in 1947 and is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity. Cohu’s differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers’ manufacturing time-to-market. Our products and services provide enabling capability and technology to customers that deliver connectivity around the globe, autonomous driving to our cities, high-performance computing to enable artificial intelligence (“AI”) applications, advanced medical equipment to improve lives, robotic automation to accelerate productivity, and much more. Cohu’s recurring revenue consists of interface products, services, spares, upgrades, configuration tooling, and software analytics, supporting a resilient and scalable business model which complements the systems revenue driven by the capital expenditure of our customers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 481M | 453M | 402M | 636M | 813M | 887M |
| Net Income | -56M | -74M | -70M | 28M | 97M | 167M |
| EPS | $-1.11 | $-1.59 | $-1.49 | $0.59 | $1.98 | $3.45 |
| Free Cash Flow | 40M | 11M | -7.9M | 85M | 98M | 86M |
| ROIC | -7.3% | -7.7% | -8.1% | 4.0% | 15.4% | 28.1% |
| Gross Margin | - | 42.7% | 44.9% | 47.6% | 47.2% | 43.6% |
| Debt/Equity | 0.38 | 0.39 | 0.01 | 0.04 | 0.09 | 0.14 |
| Dividends/Share | $0.00 | - | - | - | $0.06 | $0.00 |
| Operating Income | -54M | -70M | -72M | 43M | 126M | 202M |
| Operating Margin | -11.1% | -15.4% | -17.8% | 6.8% | 15.4% | 22.7% |
| ROE | -7.2% | -9.0% | -8.1% | 3.0% | 10.4% | 19.0% |
| Shares Outstanding | 50M | 47M | 47M | 48M | 49M | 49M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 317M | 270M | 282M | 353M | 452M | 583M | 636M | 887M | 813M | 636M | 402M | 453M | 481M |
| Gross Margin | 33.5% | 33.0% | 33.6% | 39.9% | 35.3% | 39.4% | 42.7% | 43.6% | 47.2% | 47.6% | 44.9% | 42.7% | N/A |
| R&D | 36M | 33M | 35M | 41M | 56M | 86M | 86M | 92M | 93M | 89M | 85M | 92M | 95M |
| SG&A | 51M | 51M | 55M | 61M | 97M | 143M | 129M | 127M | 131M | 132M | 128M | 124M | 128M |
| EBIT | 19M | 8.0M | 3.0M | 38M | -30M | -52M | 3.3M | 202M | 126M | 43M | -72M | -70M | -54M |
| Op. Margin | 6.1% | 3.0% | 1.1% | 10.7% | -6.6% | -9.0% | 0.5% | 22.7% | 15.4% | 6.8% | -17.8% | -15.4% | -11.1% |
| Net Income | 8.7M | 250K | 3.0M | 33M | -32M | -70M | -14M | 167M | 97M | 28M | -70M | -74M | -56M |
| Net Margin | 2.8% | 0.1% | 1.1% | 9.3% | -7.1% | -11.9% | -2.2% | 18.9% | 11.9% | 4.4% | -17.4% | -16.4% | -11.5% |
| Non-Recurring | 3.1M | 311K | 31K | 42K | 28M | 14M | 8.3M | 73M | 605K | 2.4M | 41K | 10M | 4.3M |
| Returns on Capital | |||||||||||||
| ROIC | 7.4% | 3.2% | 1.6% | 27.9% | -3.6% | -8.4% | 0.5% | 28.1% | 15.4% | 4.0% | -8.1% | -7.7% | -7.3% |
| ROE | 3.5% | 0.1% | 1.3% | 12.5% | -5.9% | -14.4% | -2.7% | 19.0% | 10.4% | 3.0% | -8.1% | -9.0% | -7.2% |
| ROA | 2.5% | 0.1% | 0.9% | 8.6% | -2.8% | -6.5% | -1.3% | 13.3% | 7.9% | 2.4% | -7.0% | -6.6% | -4.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 20M | 21M | 25M | 40M | 34M | 17M | 50M | 98M | 113M | 101M | 2.8M | 32M | 52M |
| Free Cash Flow | 18M | 15M | 21M | 34M | 29M | -731K | 31M | 86M | 98M | 85M | -7.9M | 11M | 40M |
| Owner Earnings | 683K | 3.5M | 7.0M | 24M | -9.9M | -56M | -17M | 36M | 52M | 34M | -70M | -42M | -19M |
| CapEx | 1.5M | 6.6M | 3.5M | 6.1M | 5.0M | 18M | 19M | 12M | 15M | 16M | 11M | 21M | 12M |
| Maint. CapEx | 13M | 11M | 10M | 9.2M | 26M | 59M | 53M | 49M | 46M | 50M | 52M | 51M | 48M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 13M | 11M | 10M | 9.2M | 26M | 59M | 53M | 49M | 46M | 50M | 52M | 51M | 48M |
| CapEx/OCF | 7.4% | 30.7% | 14.1% | 15.3% | 14.4% | 104.2% | 37.5% | 12.3% | 13.1% | 15.8% | 382.8% | 66.1% | 23.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 6.1M | 6.2M | 6.4M | 6.6M | 6.9M | 9.8M | 5.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 2.3% | 2.3% | 2.1% | 1.2% | 1.0% | 1.5% | 0.6% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.3M | 51M | 24M | 27M | 8.6M | 137K |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 3.3% | 1.4% | 2.1% | 0.8% | 0.0% |
| Stock-Based Comp | 6.4M | 6.8M | 7.1M | 7.0M | 18M | 14M | 14M | 14M | 15M | 17M | 21M | 23M | 23M |
| Debt Repayment | 0 | 0 | 0 | 0 | 7.1M | 3.8M | 41M | 206M | 38M | 39M | 31M | 1.7M | 1.7M |
| Balance Sheet | |||||||||||||
| Net Debt | -72M | -117M | -128M | -144M | 191M | 200M | 155M | -259M | -305M | -293M | -253M | -178M | -193M |
| Cash & Equiv. | 71M | 115M | 96M | 134M | 164M | 155M | 149M | 290M | 242M | 246M | 206M | 227M | 489M |
| Long-Term Debt | N/A | N/A | N/A | 4.6M | 346M | 347M | 312M | 103M | 73M | 34M | 7.1M | 285M | 285M |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.04 | 0.65 | 0.74 | 0.63 | 0.14 | 0.09 | 0.04 | 0.01 | 0.39 | 0.38 |
| Interest Coverage | N/A | N/A | N/A | 698.6 | -6.0 | -2.5 | 0.2 | 31.4 | 30.1 | 12.8 | -116.0 | -34.0 | -34.0 |
| Equity | 247M | 238M | 235M | 289M | 546M | 483M | 512M | 883M | 929M | 950M | 857M | 786M | 769M |
| Total Assets | 345M | 345M | 346M | 420M | 1.1B | 1.1B | 1.1B | 1.3B | 1.2B | 1.2B | 999M | 1.2B | 1.2B |
| Total Liabilities | 98M | 107M | 110M | 131M | 588M | 595M | 578M | 377M | 299M | 200M | 143M | 457M | -224K |
| Intangibles | 33M | 25M | 18M | 17M | 319M | 275M | 234M | 177M | 140M | 152M | 111M | 79M | 72M |
| Retained Earnings | 134M | 128M | 125M | 152M | 112M | 43M | 26M | 194M | 290M | 319M | 249M | 174M | 162M |
| Working Capital | 142M | 171M | 176M | 212M | 325M | 291M | 311M | 558M | 604M | 535M | 449M | 641M | 637M |
| Current Assets | 210M | 234M | 245M | 297M | 485M | 440M | 485M | 751M | 765M | 639M | 534M | 750M | 754M |
| Current Liabilities | 68M | 63M | 69M | 85M | 161M | 149M | 174M | 192M | 161M | 103M | 85M | 109M | 117M |
| Per Share Data | |||||||||||||
| EPS | 0.33 | 0.01 | 0.11 | 1.14 | -1.01 | -1.69 | -0.33 | 3.45 | 1.98 | 0.59 | -1.49 | -1.59 | -1.11 |
| Owner EPS | 0.03 | 0.14 | 0.25 | 0.82 | -0.31 | -1.35 | -0.41 | 0.73 | 1.06 | 0.72 | -1.50 | -0.90 | -0.38 |
| Book Value | 9.36 | 9.53 | 8.52 | 10.03 | 17.14 | 11.71 | 12.25 | 18.20 | 18.99 | 19.91 | 18.29 | 16.82 | 15.33 |
| Cash Flow/Share | 0.75 | 0.86 | 0.89 | 1.38 | 1.08 | 0.42 | 1.19 | 2.02 | 2.31 | 2.13 | 0.06 | 0.68 | -0.15 |
| Dividends/Share | 0.24 | 0.25 | 0.23 | 0.23 | 0.22 | 0.24 | 0.06 | 0.00 | 0.06 | N/A | N/A | N/A | 0.00 |
| Shares Out. | 26.4M | 25.0M | 27.6M | 28.8M | 31.9M | 41.2M | 41.8M | 48.5M | 48.9M | 47.7M | 46.9M | 46.7M | 50.2M |
| Valuation | |||||||||||||
| P/E Ratio | 33.4 | N/A | 122.9 | 18.8 | N/A | N/A | N/A | 10.9 | 15.7 | 61.7 | N/A | N/A | -45.5 |
| P/FCF | 16.0 | 20.2 | 17.7 | 18.4 | 16.8 | N/A | 52.1 | 21.2 | 15.5 | 20.3 | N/A | 102.2 | 63.3 |
| EV/EBIT | N/A | N/A | N/A | 12.5 | N/A | N/A | 544.6 | 7.8 | 9.7 | 33.3 | N/A | N/A | N/A |
| Price/Book | 1.2 | 1.3 | 1.6 | 2.1 | 0.9 | 1.9 | 3.2 | 2.1 | 1.6 | 1.8 | 1.5 | 1.4 | 3.3 |
| Price/Sales | 0.8 | 1.0 | 1.1 | 1.5 | 1.5 | 1.1 | 1.3 | 2.1 | 1.8 | 2.7 | 3.4 | 2.1 | 5.3 |
| FCF Yield | 6.3% | 5.0% | 5.6% | 5.4% | 6.0% | -0.1% | 1.9% | 4.7% | 6.4% | 4.9% | -0.6% | 1.0% | 1.6% |
| Market Cap | 291M | 301M | 373M | 618M | 495M | 917M | 1.6B | 1.8B | 1.5B | 1.7B | 1.3B | 1.1B | 2.5B |
| Avg. Price | 10.00 | 10.67 | 10.99 | 18.36 | 21.96 | 15.87 | 19.97 | 37.93 | 30.03 | 35.93 | 29.45 | 20.22 | 50.70 |
| Year-End Price | 11.02 | 12.03 | 13.52 | 21.47 | 15.54 | 22.24 | 38.74 | 37.61 | 31.12 | 36.38 | 26.83 | 23.49 | 50.70 |
COHU INC passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 221.5x vs a median of 18.4x. The company's 5-year average ROIC is 6.4% with a gross margin of 45.2%. At current prices, the estimated annualized return to fair value is +7.9%.
COHU INC (COHU) has a debt-to-equity ratio of 0.39. This indicates a conservatively financed balance sheet.
COHU INC (COHU) reported earnings per share (EPS) of $-1.59 in its most recent fiscal year.
COHU INC (COHU) has a return on equity (ROE) of -9.0%. A negative ROE may indicate losses or negative equity.
COHU INC (COHU) has a 5-year average gross margin of 45.2%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for COHU INC (COHU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COHU INC (COHU) has a book value per share of $16.82, based on its most recent annual SEC filing.